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Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 18,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $4,050,000 Cost of goods sold Direct materials $1,080,000 Direct labor 270,000 Machinery repairs (variable cost) 90,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities ($72,000 is variable) 232,000 Plant management salarion 230,000 2,202,000 Gross profit 1,848,000 Selling expenses Packaging 108,000 Shipping 144,000 Sales salary (fixed annual amount) 260.000 512,000 General and administrative expenses Advertising expense 134,000 Salaries 251,000 Entertainment expenso 90,000 425,000 Incore from operations 5861,000 Phoenix Company's actual income statement for 2019 follows. $4,788,000 PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2019 Sales (21,000 units) Cost of goods sold Direct materials $1,276,000 Direct labor 323,000 Machinery repairs (variable cost) 97,000 Depreciation-Plant equipment (straight-line) 300,000 Utilities (fixed cost is $157,500) 240, 750 Plant management salaries 240,000 Gross profit Selling expenses Packaging 123,000 Shipping 160,500 Sales salary (annual) 279,000 General and administrative expenses Advertising expense 142,000 Salaries 251,000 Entertainment expense 93,000 Income from operations 2.476,750 2,311,250 562,500 486,000 $1,262, 750 Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.) PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2019 Flexible Budget Actual Results Variances Fav. / Unfav. Variable costs Fixed costs 0